Quote of the day

Bill Ackman, “But confidence and conviction without humility can be dangerous in the investment business. When one shares an investment thesis publicly, it can be more difficult to change one’s mind because the human mind has a tendency to ignore data that are inconsistent with a firmly held view, and particularly so, when that view is aired publicly.”  (Pershing Square via NYPost)

Chart of the day


The US dollar has been a casualty of the budget crisis.  (Charts etc.)


European equity ETFs are ignoring political dysfunction as they go higher.  (Andrew Thrasher)

Negative earnings announcements are far outpacing positive ones.  (Quartz)

We are in the weakest part of the Presidential election market cycle.  (Big Picture)

CTAs are having a rough year.  (Quartz, Attain Capital)


Choose carefully who you pay attention to.  (Morgan Housel)

Why momentum beats value.  (Optimal Momentum)

Why you should create “structure and and process flow” around your trading.  (StockBee via @derekhernquist)

On the psychic value of collectibles.  (Rick Ferri)


Leverage kills: the case of leveraged Puerto Rican bond funds.  (Dealbook also TRB)

Can a more relaxed dress code make investment banks cool again?  (NetNet)

Are Bitcoins just a fad?  (Felix Salmon)

Hedge funds

Mutual funds are crushing hedge funds this year.  (Business Insider)

Hedge funds are getting into the repo business.  (FT)

Why the performance of the hedge fund industry was better when it was much smaller.  (FT Alphaville)


The three biggest lies about bond ETFs.  (IndexUniverse)

Some lessons learned from some dead ETFs.  (Bloomberg)

At look at the performance of the various flavors of the S&P 500.  (IndexUniverse)


Global population growth will soon come to a stop.  (FT Alphaville)

The big companies of the future are going to come from the emerging markets.  (Real Time Economics)


Weekly initial unemployment claims are at pre-crisis levels.  (Calculated Risk)

Can government do anything about growing income inequality?  (Marginal Revolution)

Should the Fed take emerging markets into account when making policy?  (FT Alphaville)

Earlier on Abnormal Returns

What you may have missed in our Wednesday linkfest.  (Abnormal Returns)

Mixed media

The new Kindle Fire HDX is “terrific.”  (NYTimes)

Netflix ($NFLX) has won the government shutdown.  (Wonkblog)

Employees are increasingly bringing their favorite apps to work.  (WSJ)

How to improve your home wi-fi network.  (NYTimes)

Thanks for checking in with Abnormal Returns. You can follow us on StockTwits and Twitter.

This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment.

The commentary in this “post” (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Ritholtz Wealth Management employees providing such comments, and should not be regarded the views of Ritholtz Wealth Management LLC. or its respective affiliates or as a description of advisory services provided by Ritholtz Wealth Management or performance returns of any Ritholtz Wealth Management Investments client.

References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.

Please see disclosures here.

Please see the Terms & Conditions page for a full disclaimer.